This multifamily investment opportunity in Okmulgee, Oklahoma, offers a compelling value-add or redevelopment play for investors seeking scale and upside. The property consists of a three-story apartment building with twelve one-bedroom units and two adjacent single-family rental homes, totaling fourteen units in one location. While the apartment building is currently vacant and requires interior completion before occupancy, significant progress has been made, including a new roof and updated plumbing and drains in six units. The building is individually metered for electric and gas, with a shared water meter, and features a basement laundry facility.
The two single-family homes, a two-bedroom/one-bath and a one-bedroom/one-bath, are currently leased, providing immediate income during the repositioning phase. Both homes have separate utility connections, with tenants responsible for their own gas, electric, and water.
Located near downtown Okmulgee, the property benefits from proximity to local amenities, schools, and major routes, including U.S. Highway 75, which connects to Tulsa approximately 40 miles north. This location offers convenient access to employment centers while maintaining a small-town community feel.
With 0% occupancy in the apartment building and deferred maintenance, this asset is ideal for experienced investors or developers looking to implement a full renovation strategy or explore alternative uses. At an asking price of $399,000, the property presents a rare opportunity to acquire a portfolio-style investment with strong repositioning potential in a market with limited multifamily supply.